Michele Bachmann Continues To Misstate And Misinform

Minnesota Congresswoman Michele Bachmann, who recently made the false assertion that President Obama took over 51% of the economy, once gain made a demonstrably false claim. This time, Bachmann blared about a federal government takeover of private industry and falsely asserted, “The federal government literally owns banks.”

BACHMANN: The story in our country has been the federal government takeover of private industry. The federal government literally, in 18 months’ time, has taken either direct ownership or control of 51 percent of the private economy. Eighteen months ago, 100 percent of the private economy was private. But today, the federal government literally owns banks., the largest insurance company in the United States. The federal government owns over half of all home mortgages today in the United States — Chrysler, G.M. the student loan industry and now health care.